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Coinbase, Crypto.com, And Others Lay Off Over 1,600 Jobs In 2023

Delbert Williams IIBy No Comments2 Mins Read

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© Reuters Coinbase, Crypto.com and others to lay off over 1,600 people in 2023
  • Cryptocurrency companies like Coinbase (NASDAQ:), Crypto.com and Kraken are cutting jobs in 2023.
  • Crypto.com laid off a total of 2,110 employees from 2022 onwards.
  • Crypto.com founder blames FTX’s downfall for damage within the industry.

Bloomberg Crypto’s official Twitter account posted a list of crypto companies cutting jobs as the crypto industry plunges into another series of meltdowns in the second year of the bear market.

Among all companies, Crypto.com leads the list with 2,260 job cuts from 2022 onwards. Coinbase is laying off 2,110 jobs, followed by Kraken with 1,100 job cuts. Amber Group, Blockchain.com and crypto bank Silvergate Capital (NYSE:) have cut 300, 260 and 200 jobs respectively.

Meanwhile, Genesis Global Trading, NYDIG, Galaxy Digital, and Digital Currency Group cut 112, 110, 60, and 10 jobs, respectively. In his first two weeks of 2023, cryptocurrency exchange Huobi, software firm ConsenSys and Silvergate have cut more than 1,600 of his jobs ahead of Crypto.com’s massive job cuts.

Coinbase CEO Brian Armstrong has sent a letter to employees in a letter containing the possibility of continued job cuts in the future due to worsening market conditions, and even more drastic changes in 2022 itself. I admit that I should have proceeded with a drastic reduction in personnel.

Additionally, Crypto.com founder Kris Marszalek said on Friday that he believes the collapse of FTX is a catalyst for significant damage to the industry. He,

We grew ambitiously in early 2022, built incredible momentum, and aligned ourselves with the broader industry trajectory…but the recent FTX collapse severely damaged confidence in the industry. could not be explained. That is why we remain committed to prudent financial management.

But the crypto industry isn’t the only one facing the cold winds of layoffs and downsizing. As a potential recession looms over the global economy, including the United States, tech and financial giant Amazon.com (NASDAQ:), goldman sachs group Inc (NYSE:). and BlackRock Inc. (NYSE:).

Post Coinbase, Crypto.com, and Others Lay Off Over 1,600 People in 2023, First Appearing on Coin Edition.

Watch the original on CoinEdition



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Born in the early 80s in Milwaukee, Wisconsin, Delbert Williams II has always had a passion for writing. Even in high school, he earned excellent grades in English and writing classes. After attending John Marshall High School, he graduated from Project Stay Alternative High School in Milwaukee. From there, Delbert attended Milwaukee Area Technical College, where he studied music and communications. While he enjoyed these fields, his love for writing remained strong. In 2019, Delbert founded Hard Stack Street Mag, a publication that quickly gained a following for its unique and engaging content. As the founder and editor-in-chief of the magazine, he has worked tirelessly to produce quality articles that cover a wide range of topics, including music, art, culture, and politics. Now 42 years old, Delbert continues to pursue his passion for writing and journalism. Through Hard Stack Street Mag, he has created a platform that allows him to share his voice and perspective with readers from all over the world. With a strong background in writing and a deep understanding of the power of storytelling, Delbert Williams II is a writer to watch. He is dedicated to producing content that is both informative and engaging, and he is committed to using his platform to shine a light on important issues that are often overlooked by mainstream media.

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